Osborne served as Chancellor throughout David Cameron’s six year premiership, and put cutting the UK’s spending deficit at the heart of his economic policy.

In a speech setting out her leadership credentials on Monday, May made it clear she was not happy with the way the economy was currently balanced.

She said: “Under my leadership, the Conservative Party will put itself - completely, absolutely, unequivocally - at the service of working people. It is why we will make Britain a country that works for everyone.

“An economy that works for everyone, so we don’t just maintain economic confidence and steer the country through challenging times - but we make sure that everyone can share in the country’s wealth.”

Chancellor - Philip Hammond

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As widely predicted Philip Hammond has been appointed Chancellor of the Exchequer. The former Foreign Secretary first joined the Cabinet as Transport Secretary in 2010 before replacing Liam Fox in the Ministry of Defence 18 months later.

Foreign Secretary - Boris Johnson

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In one of the most unexpected announcements, Boris Johnson is the new Foreign Secretary. The former London Mayor clashed with Theresa May over using water cannons on the capital's streets, but the new PM clearly doesn't hold a grudge.

Home Secretary - Amber Rudd

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Amber Rudd faces the daunting task of succeeding the new Prime Minister in her old job in the Home Office. Rudd's relationship with Johnson in the Foreign Office will be interesting, given the pair clashed so spectacularly during the Brexit TV debates

Brexit Secretary - David Davis

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Without doubt one of the biggest jobs facing the Government has gone to David Davis. The former Shadow Home Secretary - and Minister for Europe in the 1990s - will be in charge of negotiating the UK's withdrawal from the EU. Davis came second to David Cameron in the 2005 leadership contest, and this is his first appointment to the Cabinet.

International Trade Secretary - Liam Fox

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Another remarkable comeback. Liam Fox was forced to quit as Defence Secretary in 2011 over claims he had let his lobbyist friend Adam Werrity join him on official trips overseas. The Brexit campaigner is now back in Government, and back on the foreign junket circuit, this time promoting trade.

Defence Secretary - Michael Fallon

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The very definition of a safe pair of hands, Michael Fallon is also known as the ‘Minister for the Today programme’ such is his composure in front of the media. With the UK currently involved in military operations in Iraq and Syria, Fallon stays as Defence Secretary to provide continuity.

Justice Secretary - Liz Truss

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With Michael Gove axed from Government, Liz Truss is moved from Environment to Justice. She is the UK's first female Lord Chancellor.

Education Secretary - Justine Greening

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Justine Greening gets promoted from International Development to Education - with Nicky Morgan axed from Government. Greening was one of May's strongest supporters in the leadership contest.

Chief Whip - Gavin Williamson

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After serving as David Cameron's Parliamentary Private Secretary for three years, Gavin Williamson is now Theresa May's enforcer-in-chief. As Chief Whip, he will be responsible for making sure May's small Commons majority doesn't cause her too much trouble.

Health Secretary - Jeremy Hunt

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Despite rumours he had been sacked, Jeremy Hunt stays as Health Secretary. With the junior doctors contract dispute ongoing, this is a clear sign that May backs the changes and the way Hunt handled the negotiations.

Northern Ireland Secretary - James Brokenshire

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Having served under Theresa May in the Home Office, James Brokenshire was touted as future Cabinet Minister when she became Prime Minister. Brokenshire, who campaigned for Remain in the referendum, replaces Brexit-backing Theresa Villiers to oversee the region which voted to stay in the EU.

Conservative Party Chairman - Patrick McLoughlin

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The former miner has been an MP since 1986, and is now Chairman of the party. After a scandal hit few years - think of the RoadTrip stories - Patrick McLoughlin is a safe pair of hands.

Communities and Local Government Secretary - Sajid Javid

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Sajid Javid was criticised for his handling of the Tata Steel crisis, so perhaps it is not a surprise he has been moved from the Department of Business. As Communities and Local Government Secretary he will be responsible for overseeing the house building boom the UK desperately needs.

Environment, Food and Rural Affairs Secretary - Andrea Leadsom

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After coming second in the leadership contest, it was clear Andrea Leadsom would get a promotion from Energy Minister. As Environment, Food and Rural Affairs Secretary, she will get to spend a lot of time in Tory heartlands - which may set her up nicely for the next time a leadership vacancy arises.

Work And Pensions Secretary - Damian Green

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Damian Green served under Theresa May in the Home Office, and is highly regarded by his colleagues. As the third DWP Secretary this year, Green will have to try and iron out some of the tensions around Universal Credit and cuts to Personal Independence Payments.

Transport Secretary - Chris Graryling

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As chairman of Theresa May's leadership campaign, Chris Grayling was tipped for one of the big roles in Government. While Transport might not be as high-profile as Home or Brexit Secretary, he will be responsible for HS2 and airport expansion.

International Development Secretary - Priti Patel

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Priti Patel joining the Cabinet is no surprise, but giving her the International Development brief will raise a few eyebrows. A Brexit campaigner who follows in the Thatcherite tradition of the party, Patel will now have to turn her focus to helping some of the world's poorest communities.

Business, Energy and Industrial Strategy - Greg Clark

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Former Communities Secretary Greg Clark is now responsible for a new department: Business, Energy and Industrial Strategy. The Energy part comes from the now defunct Energy and Climate Change Department.

Wales Secretary - Alun Cairns

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Alun Cairns was only appointed Wales Secretary in March, and it's no real surprise he hasn't been moved.

Scotland Secretary - David Mundell

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As the Conservatives only MP in Scotland, David Mundell staying in post was a given.

Chief Secretary to the Treasury - David Gauke

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Uncork the Gauke! After years in George Osborne's shadow - except of course when he would get wheeled out to deal with bad news - David Gauke now attends Cabinet in his own right. Respected across the House, Gauke even shows flashes of humour on his Twitter account.

Leader of the Commons - David Lidington

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As Minister for Europe, David Lidington was more used to dealing with barracking from his own backbenchers than the Opposition. Now as Leader of the Commons, Lidington will be dealing with queries from all over the House with his trademark wit and good grace.

Attorney General - Jeremy Wright

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Appointed to the role in 2014, Jeremy Wright will remain as Attorney General.

Cabinet Office Minister - Ben Gummer

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With Matthew Hancock being so closely linked to George Osborne, it is no surprise that with Master gone, the Apprentice would follow. Ipswich MP Ben Gummer takes his place.